The Telethon for this is going on right now (Thursday evening) so before I write all this (which I’m writing fast) click HERE so you can see what’s happening and maybe get involved. This is rad, this is good.

My attempt to explain:

Financial crooks buy up our debt, bundle it together, play with it, and sell it for a huge profit every day, while we sink into bankruptcy and destitution.

We’ve discovered we could just put together a few hundred dollars to buy about TWENTY TIMES that amount of medical debt.

But then, since we’re not financial crooks, instead of selling and profiting, we forgive all that debt.

Before doing that it’s impossible to know who the debtors are, but after forgiving the debts their identities become known.

We let them know their debts are gone, and if they’re able to they can join us in making this movement even bigger!

So far (as of 6:14 11 tonight) this movement has raised $237,293 $270,000 to abolish $4,750,679$5.4 MILLION in Americans’ medical debt!

A “telethon” – the November launch party – is going on as I write – going on till 9 tonight, click here to join right away, or at least observe.

But of course you can click that same link any time this year or next, this’ll be going on until all Americans’ medical debt is abolished! I’m gonna his publish now cuz I’m in a hurry to let you all know…… then I’ll add more….

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Here, a litte video to explain it better:

And to answer even more questions, I will now steal the rest shamelessly from Rolling Jubilee’s homepage, I KNOW they won’t mind…

A bailout of the people by the people

Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, good will, and collective refusal. Debt resistance is just the beginning. Join us as we imagine and create a new world based on the common good, not Wall Street profits.

Strike Debt is an offshoot of Occupy Wall Street. First started in New York City, but inspired by movements around the globe, Strike Debt now has affiliates across the country. We believe people should not go into debt for basic necessities like education, healthcare and housing. Strike Debt initiatives like the Debt Resistors’ Operations Manual offer advice to all kinds of debtors about how to escape debt and how to join a growing collective resistance to the debt system. Our network has the goal of building a broad movement, with more effective ways of resisting debt, and with the ultimate goal of creating an alternative economy that benefits us all and not just the 1%.

Can you abolish my debt?

There is no way to seek out a specific person and buy that person’s defaulted debt. With 15% of Americans currently being pursued by a debt collector, looking for one person’s debt would be like looking for a needle in a haystack. Anonymous accounts are bundled together and sold as a whole. Before purchasing debt, there is only limited information as to whose debt we are buying. These peculiarities are part of the scandal that we are trying to highlight.

Is this legal?

Yes! What should actually surprise everyone is the fact that it is legal to trade in people’s misfortune. As part of the deregulation of the finance industry, the government made it legal to buy and sell charged-off debt.

Will the Rolling Jubilee have to file a 1099-C Cancellation of Debt form with the IRS?

No. The Rolling Jubilee will earn no income from the lending of money and is therefore exempt from filing a Form 1099-C under the Internal Revenue Code Section 6050P.

What is a jubilee?

Jubilee comes from many faith traditions including Judaism, Christianity and Islam. A jubilee is an event in which all debts are cancelled and all those in bondage are set free. It worked in Biblical times and it can still work today. For example, a kind of jubilee happened in Iceland after the 2008 economic crisis: instead of bailing out their banks, Iceland canceled a percentage of mortgage debt. What these examples show is that debts are just a promise which can – and should – be renegotiated or cancelled when the circumstances warrant. Strike Debt believes that now is the time for a jubilee for the 99%.

How Does Rolling Jubilee Work?

Banks sell debt for pennies on the dollar on a shadowy speculative market of debt buyers who then turn around and try to collect the full amount from debtors. The Rolling Jubilee intervenes by buying debt, keeping it out of the hands of collectors, and then abolishing it. We’re going into this market not to make a profit but to help each other out and highlight how the predatory debt system affects our families and communities. Think of it as a bailout of the 99% by the 99%.

Can Rolling Jubilee abolish student debt?

Student debt has surpassed $1 trillion partly because it is one of the most protected forms of debt by federal law. Student debtors can rarely discharge their loans in bankruptcy and lenders have rights to garnish wages and social security payments. The vast majority of student loans have these federal guarantees. We cannot buy these loans because there is no secondary market. However, we believe it may be possible to buy private tuition debt of some sort that is not guaranteed by the federal government; Rolling Jubilee may attempt to purchase this kind of debt after doing further research.

Shortly before George W. Bush’s inauguration in 2001, Lyndon LaRouche offered his assessment that the incoming administration, incapable of passing meaningful legislation, would govern by what is known as crisis management. He was absolutely right: all policies made under the past two Presidents have been presented as responding to imminent crises, both military-political and economic. From Afghanistan to Iraq, to the bailouts with acronyms too numerous to name or keep track of, we have seemingly been allowing ourselves to be governed by conditions, rather than setting a course for the future. In plain speak: “We’ll get to thinking about the next generations, but we have to deal with this problem staring us square in the eyes, and we just can’t think about anything else right now.” Budget-cutting governors around the country say that their huge cuts are needed to deal with our economic woes. (As though the economy is collapsing because teachers are overpaid!) Neither these cuts, nor the protests against them present a positive policy.

LaRouchePAC has the solution, and we need your help.

Contribute to LaRouchePAC today!

I recently produced a video demonstrating true economic value, and the almost-forgotten concept of “the future,” nearly lost under a decade of crisis-response. These are absolutely essential ideas to understanding how to shape history right now. You see, economic “thinking” has been taken over by the notion that component parts of an economy (drill bits, power plants, strip malls, and plumbing companies) have individual inherent values, which, when combined, determine the worth of the economy as a whole. But what happens if you really try to think about the value of any of these parts? A screw, no matter how well made, has no positive value when used in one of Obama’s teleprompters, while that same screw could serve a useful purpose in a motorized pump at a water-treatment facility or a fire-engine.

This isn’t just true in economics: it’s the case in all sciences! Using simple examples from chemistry and physics (illustrated with video footage of experiments), the video shows that no measurement made of a substance is actually a property of the substance itself. For example, the length of a piece of metal depends on temperature, the color of carbon depends on its form (diamond vs graphite), and water resists temperature changes more strongly when liquid than when ice. Even nuclear phenomena, long thought to be independent of their context, behave differently in different environments. Nothing exists or has any value (density, color, conductivity) of its own. These parts just aren’t the basic building blocks. In fact, there aren’t building blocks in that sense.

And just as there are no understandable parts in physics, no value can be assigned to the component parts of an economy. The context here is a temporal one: where is the economy moving? How will we increase our ability to thrive over the coming generations? Only economic processes that promote true development are valuable, in every sense of the word. The ex cathedra pronouncement that economic value is determined by market forces rather than thought, is to be banished. We, the people, run our nation, not a system of money. This is the concept of Glass-Steagall.

====================*Don’t forget 5PM PST Nov. 16, tonight Lyndon will have a live Web Cast…..can’t wait to see the difference in his rhetoric…from the above May 2011 Lyndon comments.

Lyndon LaRouche LIVE @ LaRouchePAC.com
Friday, 11/16/2012 – 8pm EASTERN – 5pm PACIFIC
Lyndon LaRouche will deliver another live presentation at 8pm Eastern @ LaRouchePAC.com. This continues the series of live webcasts that lead up to the recent presidential election. Join us for an evening of strategic and political discussion!